ORI slipped 3.65% yesterday following its annual result which showed earnings falling to $427m, the explosives focused company laid the blame at the door of adverse FX moves, coal disruptions combined with increased freight costs – I imagine a few local stocks will have encountered the same headwinds. Compounding the average result was the emergence of a large seller who unceremoniously offloaded a parcel of almost $200m worth of stock at $14.50 almost immediately after the result i.e. well under market.
Were not enthused by the report card from ORI : a $174m loss, EBITDA down 30% year on year and a full year dividend of 24c at a payout ratio of 47%, not for us at this stage.
MM is neutral ORI
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